Boosting Bilateral Trade: Nigeria and Dubai Strengthening Ties
The President of the Dubai Chambers of Commerce, Mohammed Ali Rashed Lootah, has disclosed a significant 39% increase in trade between Nigeria and Dubai, amounting to $2.1 billion compared to 2021. Lootah made this declaration during a trade mission in Lagos, in collaboration with the Lagos Chamber of Commerce and Industry (LCCI). He also mentioned that the newly established office in Lagos would play a significant role in enhancing bilateral trade between the two countries.
Furthermore, Lootah expressed optimism about the potential for cooperation and strengthening of economic ties between Nigeria and Dubai, which would ultimately benefit both nations. The Dubai Chamber of Commerce president highlighted the numerous opportunities that exist for cross-border trade and investments across various sectors. He also emphasised the importance of the partnership in facilitating increased engagement between the business communities in Nigeria and Dubai.
In addition, the LCCI President, Dr Michael Olawale-Cole, underscored Lagos’ position as a key commercial hub in not only Nigeria but the whole of Africa. He expressed the ambition to double the trade figure to five billion next year, with a focus on incorporating the formal sector into the real sector.
Addressing the issue of the visa ban imposed on Nigeria by the UAE, Olawale-Cole sought assurance from the Dubai Chamber of Commerce regarding the impact on business activities. He was reassured that efforts would be made, in collaboration with the LCCI, to address and potentially overturn the visa ban. The LCCI president also expressed his anticipation of the positive impact of the partnership on the country’s GDP in the coming year.
The Dubai Chambers of Commerce has identified Nigeria as a crucial market, and its recent initiatives have garnered considerable interest from investors across various industries. The introduction of the new office in Lagos is expected to further stimulate trade relations and foster increased investments from Dubai-based companies in Nigeria. Lootah also expressed a particular interest in collaborating with Nigeria’s tech start-ups, particularly in the fintech and e-commerce sectors, to facilitate growth and innovation within the industry.
Overall, the strategic partnership between Nigeria and Dubai holds promising prospects for expanding trade, encouraging investments, and fostering mutually beneficial economic cooperation. The establishment of the Lagos office by the Dubai Chamber of Commerce signifies a milestone in strengthening ties between the two nations, and it is anticipated that this collaboration will yield substantial results in the near future.
